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Downtrend Accelerates

GBPUSD TECHS
  • RES 4: 1.3298 High Mar 23 and a pivot resistance
  • RES 3: 1.3175 50-day EMA
  • RES 2: 1.3090/3147 High Apr 21 / High Apr 14
  • RES 1: 1.2974 Low Apr 13 and a recent breakout level
  • PRICE: 1.2805 @ 06:21 BST Apr 25
  • SUP 1: 1.2763 2.0% 10-dma envelope
  • SUP 2: 1.2830 50.0% retracement of the Mar ‘20 - Jun ‘21 uptrend
  • SUP 3: 1.2806 Low Sep 30 2020
  • SUP 4: 1.2745 Low Sep 28 2020

The downtrend in GBPUSD accelerated on Friday as price cleared the bear trigger at 1.2974, Apr 13 low. The break of this level confirms a resumption of bearish activity and an extension of the primary downtrend. Cable is trading lower again today and approaching the next objective of 1.2763, the lower band of a MA envelope. Key short-term resistance is unchanged at 1.3147, the Apr 14 high. Initial resistance is at 1.2974.

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